Shib, the second most popular meme coin, has failed to make the expected rise in popularity despite the increasing number of alternatives in the market. In 2021, DOGE and SHIB were considered unique in their field. However, with the growing number of competitors on the Binance exchange, meme coin investors now have more options. So, what is the current situation for Shiba Coin?
Shiba Inu (SHIB)
The price of Shiba Coin is trading below the descending trend line on the weekly chart since August 2022. The popular cryptocurrency has been struggling to break this resistance for approximately 460 days but has been unsuccessful. It made its most recent and third unsuccessful attempt last week. The current chart also shows a decreasing wedge formation, but it has not yet been confirmed. The RSI is also sending uncertain signals.
Shibarium continues to be ignored, and despite the positive data received today, the price of <a href="https://en.coin-turk.com/crypto-analyst-credible-crypto-issues-bitcoin-crash-warning-as-btc-struggles-below-key-level/”>Bitcoin has not been able to reclaim $37,000. The selling pressure on exchanges may push the price further down, indicating a general correction in the crypto market. At the time of writing, Bitcoin is being bought at $36,600, while NASDAQ has opened with a gain of nearly 2%.
SHIB Price Analysis
Is there any hope left? The promising factor for Shiba Coin investors is the breakout from the decreasing parallel channel. The price has reclaimed the $0.00000840 region and tested the $0.0000098 resistance. The long upper wick reflects the strength of active sellers in this critical area. Crypto analyst Army_Shiba expects this movement to continue up to $0.00001.
For Shiba Coin investors, the level that will determine the direction of the price is $0.0000084. If we see a new bounce from this level, new highs are likely. However, closing below the $0.0000084 support could trigger a 15% drop to the $0.0000070 support.
In the event of a bounce from the potential support, the price of Shiba Coin is expected to recover to $0.0000105, a 25% increase. For now, the price is lingering in the decision zone, and Bitcoin’s performance is not supportive for Shiba Coin.
Just a few minutes ago, Fed member Barkin stated that despite the positive data, he is not certain that inflation will decline to 2%. He also expressed concerns about the need for further interest rate hikes. Nevertheless, Fed swaps are pricing in a 50bp cut in the July meeting.
